The economics of the World Cup are, by all accounts, bonkers. Now Conservative MP Sir Geoffrey Clifton-Brown has secured a parliamentary inquiry into the eye-watering cost of UK stadium projects. The move, agreed by the Commons Public Accounts Committee on Tuesday, will scrutinise the £1.
3bn redevelopment of the Olympic Stadium for West Ham United. But Whitehall sources say the probe is a Trojan horse. Its real target is the Treasury's 'magic money tree' approach to major sporting infrastructure.
The London Stadium was meant to be a £272m conversion. It spiralled to over £700m. Then the taxpayer was on the hook for another £600m in overspend and legacy costs.
'This is the craziest World Cup economic model I've ever seen,' a senior committee aide told me. 'We are writing a cheque without any idea of the final amount. The Germans would laugh us out of the room.
' The inquiry will also examine the planned £2bn redevelopment of Old Trafford. Manchester United's ambitions to build a Wembley of the north are dependent on public funds. 'If we can't control costs on a stadium we already own, how can we justify new ones?
' one Labour backbencher whispered. The Treasury is nervous. Officials fear the inquiry could delay or derail the UK's bid for the 2030 Women's World Cup.
'This is about the price of ambition,' a government source said. 'But the public will ask why their taxes are subsidising billionaires.' The committee will take evidence from the National Audit Office, the Department for Culture Media and Sport, and the London Legacy Development Corporation.
Watch this space. The game is about to get ugly.
